Warm climate, beautiful scenery, and affordable property prices, make Florida an attractive choice for homebuyers. With the increased flexibility to work remotely, there’s been an influx of people who want to move to Florida. That means greater competition for housing — so how can you increase your chance of getting your offer accepted in Florida?
It’s a seller’s market
In the real estate world, there can be a buyer’s market (meaning conditions are good for buyers to get a bargain) or a seller’s market (meaning sellers can secure a higher price). Florida is currently experiencing the second option.
For instance, in Central Florida, there was a 61% decrease in the supply of homes between May 2020 and May 2021. Lower supply means more people are bidding on the same home. In turn, prices have risen 15%. Other parts of the state have experienced similar trends.
Part of the problem is Florida seems relatively inexpensive to buyers from higher-income states like New York and California. Many of these buyers can pay in cash, leaving local buyers unable to compete.
But what can you do about it?
Increase your chances of getting your offer accepted
Getting your offer accepted is often about proving that you’re the easiest for a seller to do business with. Paying cash is one way to do this, because it proves you already have the means to buy.
Unfortunately, not everyone has the means to opt for a cash buy — but there are alternatives.
Underwriting in advance
Remove the seller’s concerns and get your file underwritten before making an offer. The underwriter will confirm you have the income, assets, and credit needed to obtain the loan you are seeking. Effectively, you’ll be proving the same thing a cash buyer would — that you’re a good bet for a quick, easy sale.
Most borrowers aren’t even aware these kinds of products are available and they miss out. At Blue Skye Lending, we offer a pre-contract approval through several of our wholesale lenders. They pre-contract approval is always completed by real underwriters (not computer programs, as is the case with some companies).
This type of approval is available with most loan products: Conventional, FHA, VA, USDA, to name a few.
Secure the property of your dreams
There may be a seller’s market right now in Florida, but that doesn’t mean that you’ve lost all chances of getting your offer accepted in the state — it just means that you have to be more creative in how you go about it.
And at Blue Skye Lending, we have the perfect way to help you do it. Why not get in contact with us for a pre-contract approval today?